SAN ANTONIO , Texas, February 15, 2018 /PRNewswire/ --
TransAct Energy Corp (OTC: TEGY) announced today that as of the beginning of February they have extended their conditional purchase agreement for an 18.4-hectare, greenfield, industrial site located in the industrial zone of El Salto, Jalisco Mexico until the end of March. The extension was required to complete all site reviews.
Drone surveys and soil exploration have been undertaken by Central Mexicana de Ingenierías. de C.V. of Guadalajara. They will continue with a desk study to identify any potential land use, environmental or archeological issues.
We now have an opinion letter from the municipality of El Salto confirming its industrial zoning. Meetings are underway with the municipality to identify specific development issues.
Subject to the final appraisal, TransAct intends on paying 202.7 Million Mexican Pesos (approximately $10.9 Million USD). We have entered discussions with a third party through Carolina Securities for a 50% of appraised value first mortgage. The balance of the purchase price is being arranged through an independent bridge financing that should take us through to first draw-downs on the overall plant financing.
"The extension is an important milestone, as it signifies that we are on track to lock down this property for the first Z.E.W.O.P™ in Mexico. The process of finalizing our due diligence for this purchase and establishing the foundation for securing the proper permits is key to the Company and our shareholders", said Rod Bartlett, President of TransAct Energy Corp. "Now that we can focus our efforts on finalizing our investigation and securing the property, as we believe this site is an ideal location."
About TransAct Energy Corp.
TransAct Energy Corp. is a Nevada organized company that owns proprietary technology called Zero Emissions Waste Optimization Plants (ZEWOP™) which takes Municipal Solid Waste (MSW) and produces multiple products without any residuals returning to the environment. These by-products include 18 different product streams including potable water, fuels, heavy metals, scrap metals, aluminum, glass, waxes, sugars and carbon which may be resold back into the marketplace at a profit. The Company intends to develop its ZEWOP™ technology in conjunction with municipalities globally who are facing waste-management growth while trying to alleviate environmental impacts. Please visit http://transactenergycorp.com for more information or follow us on twitter at transactenergycorp@transactenergyc.
This press release contains certain statements that may include "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are often identified using forward-looking terminology such as "believes," "expects," "anticipate," "optimistic," "intend," "will" or other similar expressions. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under applicable securities laws, the Company does not assume a duty to update these forward-looking statements.
Roderick C Bartlett
TransAct Energy Corp.
#207-23705 IH 10 West
San Antonio, TX 78257
SOURCE TransAct Energy Corp